China’s annual two sessions of national-level legislative and political consultative meetings concluded on Sunday amid worldwide attention, especially over the official pronouncement of China’s “new normal” mode of economic development, which sees the world’s second largest economy undergoing slower but steady growth.

Among the various highlights of the government working report delivered by Chinese Premier Li Keqiang, many interested parties overseas focused, not surprisingly, on the announcement of “a new round of high-level opening-up” measures.

Despite a “new normal” economic mode, China’s growth rate still surpasses those of many major developed economies. The country looks set, at least in the foreseeable future, to continue shouldering the heavy burden of being the world’s growth engine. As such, China’s decision to “accelerate the setting up of a new open economic system” understandably attracted much attention not just domestically, but also internationally.

…The author is a senior fellow with the S. Rajaratnam School of International Studies, Nanyang Technological University, Singapore.